AUD/NZD drops amid equities glut, balances ahead of Tokyo

• AUD/NZD down in Asia, testing 1.0830 ahead of Tokyo.
• RBA rate decision today, holding steady on rates priced in, but downside risks remain.

AUD/NZD pushed lower yesterday, currently trading near 1.0830 ahead of Tokyo market open. The Aussie continues to suffer against the Kiwi, losing ground against its counterpart as risk-off market sentiment drains money out of risk-based assets.

AUD/NZD can expect some action this week with both the RBA and the RBNZ posting their respective monetary policy outlooks and first key interest rate decisions of the year, with the RBA early today at 03:30 GMT and the RBNZ at 20:00 on Wednesday. The Kiwi can expect to be the mover between the pair, with the markets already pricing in a lack of movement on key rates from the RBA, following continued mixed data from Australia amidst growth that continues to disappoint while still being positive.

AUD/NZD Technicals

Aussie continues to test lower against the Kiwi, with yesterday's selloff sending price lower and further away from the major resistance line at 1.0865. The pair is dangerously close to its lowest price since Augst 2017, and H4 charts can expect significant resistance from the 1.0806 level.

Today's pivot points:
R2: 1.0898
R1: 1.0867
PP: 1.0850
S1: 1.0820
S2: 1.0803